| Administrators |
Those
appointed to administer an estate where there is
no will or no executor. |
| Bequest |
Same
as "Legacy". |
| Beneficiary |
A
named individual or organisation who benefits
from your Will. |
| Codicil |
A
document making minor changes to your Will. Must
be signed and witnessed in the same manner as
your Will. |
| Crown |
This
means the Treasury, where your money will go if
you have no next of kin and did not make a will. |
| Estate |
Everything
belonging to you, and owed to you, at the time of
your death. |
| Executors |
Referred
to in your Will as trustees. These are the people
you appoint to deal with all your affairs after
your death. |
| Guardians |
Those
you appoint to care for your children until they
reach the age of eighteen years. |
| Intestacy |
A
person is said to die intestate if he dies
without making a valid Will. |
| Pecuniary
Legacy |
Specific
sum of money given by a Will. |
| Probate |
A
procedure, required under law in most cases, to
establish formally whether you left a legally
valid Will and who your executors will be. |
| Residuary
Legacy |
The
residue of an estate, or a share in it. |
| Residue |
The
remains of your estate after payment of all
debts, expenses, tax and distribution of
pecuniary and specific legacies |
| Specific
Legacy |
A
tangible item, such as a gold watch or an
engagement ring. |
| Testator |
The
person making the Will, that is YOU! |
| |
|
